July 17th 2017 by Amanda Perkins
The decision to purchase a home is one of the biggest decisions of your life. It’s a huge financial and emotional purchase, so it needs to be representative of your lifestyle, and your budget. It can be difficult to make the hard choices of what you absolutely need to have in your new home vs. things that you want and would be nice to have. Drawing the line between these can be quite the struggle. It’s important to consider things like, why you are moving? How much space do you need? Are you downsizing or needing more space? How important is location? Should you buy new or re-sale? Condo or Home? In the city or in the suburbs? Do you need these items now or can they wait?
Creating a list of items that are must haves vs. wants is a great way to start your house hunting journey (after your mortgage pre-approval that is). Especially if you are buying with someone else, this list is a great way to discuss what is really important to each of you and what items you may be willing to sacrifice for the greater good.
For a real-life example, I am currently living in a new construction condo, knowing, overtime our needs will change when considering our next home.
When we bought our condo as a pre-construction a few years ago, our list looked something like this:
Now, looking at our needs and wants for our next home, things have changed a bit.
Once you have narrowed down your list, bring this to your agent and start your house hunt! Remember, that list may need to be trimmed again once the search begins. Focus on the items most important to your lifestyle and budget. Plenty of time for your want list in the future!